Western

Standard Communities Buys Six Affordable Housing Communities in Metro Los Angeles for $122M

by Amy Works October 2, 2023

LOS ANGELES — Standard Communities has led a public-private partnership that acquired six Section 8 communities in Los Angeles County with a total of 407 units. Five of the communities are affordable seniors housing. Standard will extend the communities’ affordability by 20 years under new HUD Housing Assistance Payments contracts. The transaction has a total capitalization of approximately $122 million, including planned renovation costs of over $8 million. The six communities were built between 1969 and 1980. “Extending the affordability of all 407 apartment units isn’t just a matter of housing; it’s a commitment to sustaining the heart of our community. We are not only ensuring that seniors and families have an affordable place to call home, we’re also nurturing the vibrant social and economic fabric of Los Angeles County,” says Jeffrey Jaeger, co-founder and principal of Standard Communities. “This investment brings our portfolio in Los Angeles County to over 1,700 units.” The assets include: • Oxford Park, a 109-unit senior community • Rayen Park, an 84-unit senior community • Sherman Arms, a 74-unit senior community • Villa Marisol, a 48-unit senior community • Columbus Terrace, a 42-unit senior community • Villa San Dimas, a 50-unit family community Standard Communities partnered in this transaction with the …

October 2, 2023

Acquisitions Arizona Hospitality Western

Miller Global Sells Canopy by Hilton Scottsdale Old Town Hotel in Arizona for $102M

by Amy Works October 2, 2023

SCOTTSDALE, ARIZ. — Miller Global Properties has completed the disposition of Canopy by Hilton Scottsdale Old Town, located at 7142 E. 1st St. in Scottsdale. Dynamic City Capital acquired the hotel for $102 million, according to local business journals. Built in 2020, Canopy by Hilton Scottsdale Old Town features 177 guest rooms and two restaurants — Outrider Rooftop and Cobre Kitchen. Additionally, the property is within walking distance to more than 100 restaurants, venues and art galleries. Rick Rush and Carter Gradwell of CBRE Hotels represented the seller in the transaction.

October 2, 2023

Arizona Development Multifamily Western

Brinkmann Constructors, X Co. Break Ground on 19-Story Apartment Tower in Phoenix

by Amy Works October 2, 2023

PHOENIX — Brinkmann Constructors, as general contractor, and Denver-based The X Co., as developer, have broken ground on X Roosevelt, a 19-story multifamily building in downtown Phoenix. Located in the Roosevelt Row Arts District, the 350,000-square-foot X Roosevelt will feature 370 apartments in a live, work and play environment. The community will also feature coworking space; a gym and fitness studio designed around classes; and 3,500 square feet of first-floor retail space. Chicago-based Lamar Johnson Collaborative is serving as architect for the project, which is slated for completion in fall 2025.

October 2, 2023

California Industrial Loans Western

PSRS Arranges $5.1M Refinancing for Baker Bradford Industrial Complex in Carpinteria, California

by Amy Works October 2, 2023

CARPINTERIA, CALIF. — PSRS has arranged $5.1 million in refinancing for Baker Bradford Complex, a 172,000-square-foot industrial complex in Carpinteria. PSRS secured the nonrecourse, 10-year, interest-only loan through a correspondent life insurance company. The borrower was not disclosed.

October 2, 2023

Acquisitions Civic Colorado Western

NavPoint Brokers $2.2M Sale of Flex Building in Centennial, Colorado

by Amy Works October 2, 2023

CENTENNIAL, COLO. — NavPoint Real Estate Group has arranged the sale of a flex building, located at 7076 S. Alton Way, Building B in Centennial. Crosspoint Community Church sold the asset to Coram Deo Reformer Church for $2.2 million. The 9,840-square-foot building features a church build out, parking and landscaping. Matt Call of NavPoint represented the seller, while Tom Matthews of Pinnacle Real Estate Advisors represented the buyer in the transaction.

October 2, 2023

Randy Dowis NAI Industrial Colorado Springs

Colorado Content Partner Features Industrial Leasing Activity NAI Western

Diverse Demand, Tight Supply Elevate Colorado Springs’ Industrial Market

by Sarah Daniels October 2, 2023

Industrial activity runs a wide gamut in Colorado Springs. Situated on the busy I-25 corridor, the Centennial State’s second-largest city is a key distribution point to Northern Colorado and surrounding states. But distribution is only part of the story. Thanks in part to Fort Carson Army base on its southern edge and the U.S. Air Force Academy to its north, the seat of El Paso County is home to an assortment of aerospace and defense manufacturers, as well as other industry clusters ranging from medical equipment makers to suppliers of semiconductor components. “It’s a military-friendly community that offers a lot of support for entrepreneurs and families just separating from their respective branches,” says Megan Mechikoff, an associate broker specializing in industrial real estate at NAI Highland Commercial Group. “That generates a lot of startups that work directly for the Department of Defense or attach themselves to a larger brand like Lockheed Martin or Northrop Grumman.” Colorado Springs attracts employers with its highly educated workforce, affordable cost of living and excellent quality of life, which includes mild winters on the protected Eastern slopes of the Rocky Mountains and proximity to outdoor activities and winter sports, Mechikoff says. What Colorado Springs lacks, …

October 2, 2023

California Development Mixed-Use Multifamily Office Retail Western

Carmel Properties Plans 1 MSF Forge at Alloy Mixed-Use Project in Los Angeles

by Amy Works September 29, 2023

LOS ANGELES — Carmel Properties has announced plans for Forge at Alloy, a 1 million-square-foot mixed-use property at 530 Mateo St. in Los Angeles’ Art District. The developer has retained Mike Condon Jr., Brittany Winn, McKenna Gaskill, Pete Collins and Steven Marcussen of Cushman & Wakefield to lead leasing effort for the project, which is slated for completion in third-quarter 2024. Forge at Alloy will consist of a six-story, Class A building featuring 127,456 square feet of creative office space and 18,000 square feet of ground-floor retail space, outdoor space with seating and lounge areas, a rooftop deck and three levels of parking. The second building will be a 35-story, 475-unit residential tower. The office and residential components will be connected via a pedestrian and retail paseo, formerly a rail spur, between Mateo Street and Santa Fe Avenue. The paseo will house year-round activities and attractions, including public art installations, outdoor concerts, movies and other special events.

September 29, 2023

Acquisitions Development Industrial Washington Western

Cascade Civil Development Buys 150 Acres in Southern Washington for Industrial Development

by Amy Works September 29, 2023

LONGVIEW, WASH. — Oregon-based Cascade Civil Development has acquired a 150-acre industrial development site in Longview. The property is near the Port of Longview on the Interstate 5 corridor, approximately 55 miles north of Portland, Ore. Weyerhaeuser sold the site for an undisclosed price. Aaron Watt, Keegan Clay and Michael Flynn of Cushman & Wakefield represented the buyer and seller in the deal. Additionally, the trio was retained to handle leasing and disposition services for the future development. While official plans for the site have not been announced, the buyer has all permits in place for mass grading to bring the site to shovel-ready condition. The property has the capability to accommodate nearly 2 million square feet of industrial product. Additionally, the site is rail served with high-capacity utility infrastructure.

September 29, 2023

Acquisitions Industrial Lee & Associates Montana Western

Lee & Associates Negotiates $47.7M Sale of 200,000 SF Distribution Center in Belgrade, Montana

by Amy Works September 29, 2023

BELGRADE, MONT. — Lee & Associates – LA North/Ventura has brokered the sale of a distribution center located at 201 Frank Ave. in Belgrade, a suburb of Bozeman. California Gateway, a private family entity, acquired the asset from an undisclosed seller for $47.7 million. The 200,000-square-foot facility is a build-to-suit for FedEx Ground. Hunter Warner and Brett Warner of Lee & Associates – LA North/Ventura handled the transaction.

September 29, 2023

California Industrial Loans Western

CBRE Arranges $30M Refinancing for Dixon Commerce Center in California

by Amy Works September 29, 2023

DIXON, CALIF. — CBRE has secured $30 million in refinancing for Dixon Commerce Center, a warehouse facility at 2299 Commerce Way in Dixon, approximately midway between Sacramento and the Bay Area. Shaun Moothart, Bruce Francis, Doug Birrell, Bob Ybarra, Nick Santangelo and Jim Korinek of CBRE Capital Market Debt and Structured Finance secured the fixed-rate, nonrecourse loan through a large regional bank. The borrower was Nearon Enterprises. Totaling 447,042 square feet, the building was built in two phases — one in 1997 and the second in 2007. Situated on 30 acres, the single-tenant asset was renovated in 2019 and features 27.5-foot to 32-foot clear heights, 30 dock doors and two grade-level doors with ample parking.

September 29, 2023

Newer Posts

Older Posts